Here Are 5 Tips To Grow A Successful Business From Bankruptcy

When you have invested everything into growing a small business, any setback can severely impact operations.

This is something Brent Grundy knows all too well.

After a major setback, he was forced to sell his business, leaving him and his family broke.

He remembers barely having enough money to fill a fuel tank, and worrying his family wouldn’t be able to celebrate Christmas.

Hardship or failure is an unfortunate, but often present part of running a business and is the point when entrepreneurs make one of two decisions – 1. Pick yourself up, dust yourself off and start again, learning from the mistakes made, or 2. It’s too hard and too expensive. Move on.

Flip Out CEO, Brent Grundy.

Luckily for Grundy his “nothing left to lose” attitude brought renewed focus and creativity.

He recalls the moment his new, and highly successful business venture came to mind: “I was sitting in a play centre one day when staff told one of the older children that she was too big to play on the equipment. It was then that an idea came to me; to fill a gap in the entertainment market that caters to adults and children alike.”

Today, Grundy is the founder and CEO of the country’s first and largest Trampolining franchise business, Flip Out.

“I am living proof that someone can go from flat broke to running a business that turns over $32 million per year in just 18 months.”

Throughout this jourey to success Grundy learned the ins-and-outs of what it takes to grow a successful business from nothing.

Here are his five tips for success.

1. You’re the only one who knows your full capabilities and potential.

On approaching friends and family with my business plan for the first Flip Out Arena, I was met with serious negativity. People told me that it was a bad idea and it was going to be a waste of money.

I thought they would support me and want to be business partners in a joint venture but they clearly wanted no part of it. Still I refused to let their pessimism effect me. I always have faith in my own ability and less than two years later the results speak for themselves. When talking to people about your future business plans think of it as a discussion. You’re not asking for permission, your telling them, and when you hear negativity think, ‘they’re telling you that if they tried it they would fail but not you, you’re better than them.’

2. Quitting normally happens when you’re 10% off your goal.

If you reach a point where you feel like throwing in the towel and admitting defeat, know that success is closer than you think. Think of the hard work and energy you’ve already devoted to achieving your goal; it would be a shame to quit when you’re so close to the finish line.

Put yourself in a position where you can’t turn back; get on a boat, cut the rope and you’ll soon be a sailor. If you leave out an option to quit, there won’t be the temptation to give up when times are tough.

I took a leap of faith into the unknown with an idea that only I could see as being successful. And this left me with just one option to make it work.

3. Don’t adopt other people’s insecurities.

Straightforward advice, but harder to take on board than you might think. You have to cut negative people out of your life; people will always fear what they themselves cannot do and impose those beliefs on the people around them.

Some will be afraid that your failure might cause you harm, while others may fear your success will leave them feeling inferior and jealous. Both of these situations will steer you away from getting started and reaching your target. Never be ashamed to be successful and financially rewarded.

After my business opened and started to take off, my friends made me feel guilty for having made money. Throughout this experience I’ve truly learned who my friends are and who I can rely on for support or encouragement. Most importantly, I learned to let go of the people that don’t support me.

4. It’s crucial to have a healthy mind in order to make sound, rational decisions.

Having an equal balance in life, family, income, mental and physical health, and humility, will help in maintaining stability overall. Surrounding yourself and your family with positive influences will also impact your experience.

I ended a potential business deal with an individual because of their dreadfully poor manners. Not everyone is going to get along with each other, but at the same time it’s not all about business; you do need to have a set of standards.

5. Momentum is everything in business.

Fast or slow – it doesn’t matter. Just don’t stop. At times of weakness, look to those around you for motivation and guidance, they will normally point you in the right direction. It may also help to continuously re-focus and picture what it is you’re working towards. Do anything, but don’t stop.